The global recycled plastic market size is expected to witness significant growth backed by increasing demand from the packaging industry. Fortune Business Insights, in its latest report, titled “Recycled Plastic Market Size, Share Industry Analysis, By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2019-2026.”, predicts that the market is likely to hit USD 72.6 billion by 2026 while exhibiting a CAGR of 8.55% between 2019 and 2026. The reports further observe that the market was worth USD 37.8 billion in 2018.
According to the data by the non-profit organization, Plastic Oceans International, every year around 500 billion plastic bags are used globally. This means that over 1 million bags are being used every minute. Plastic is harmful to the environment in many ways and since most of the plastic material is non-biodegradable, it is important to find a solution to reduce the rampant production of plastic across the globe. Therefore, recycling of the plastic to enable its reuse is vital to prevent environment degradation. Plastic is used across several industries such as packaging, food beverage, pharmaceuticals, consumer goods, construction, and automotive, among others. A holistic approach to adopt recycled plastic from the end user industries will ensure the safety of the environment.
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List of the Key Companies Operating in the Recycled Plastic Market are:
- KW Plastics
- Custom Polymers
- Plastipak Holdings
- The Coca-Cola Company Incorporated
- B. Schoenberg Co.
- Fresh Pak Corporation
- BB Plastics
- Green Line Polymers
- Ultra Poly Corporation
- Clear Path Recycling
- MBA Polymers
- RJM International Inc.
- CarbonLite Industries LLC
- Envision Plastics Industries LLC
- ReVital Polymers
- Other Players
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Demand from Packaging Industry to Favor Growth
The data from the Plastic Ocean International informs that packaging industry accounts for over 40% of the overall plastic usage globally and is the largest end user segment. The consumption of plastic is increasing backed by high demand for food-safety packaging material. The companies are focusing on adopting recycled plastic that has low energy input and has reduced negative impact on the environment. For instance, recycled polyethylene terephthalate is extensively adopted to manufacture bottles for beverage packaging. Furthermore, increasing demand for packaging sports equipment, toys, and fashion accessories is likely to boost the global recycled plastic market in the forthcoming years.
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low-Density Polyethylene (LDPE)
- Non-Food Packaging
- Food Packaging
- North America (U.S. and Canada)
- Europe (Germany, UK, France, Italy, Spain, Poland, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East Africa (Saudi Arabia, Turkey, Egypt, and Rest Of Middle East Africa)
Presence of Established Manufacturers in Asia-Pacific to Aid Growth
Among the regions, the market in Asia-Pacific is likely to witness exponential growth by generating the highest global recycled plastic market revenue during the forecast period. This is ascribable to factors such as presence of established players in the region that is driving the demand for recycled plastic. Furthermore, high consumption of plastic in countries such as India and China in Asia-Pacific will aid the market growth. Europe, on the other hand, is expected to witness growth backed by increasing demand for the product from the construction and automotive industry. Furthermore, stringent regulations by the government to limit single-use of plastic will favor market growth in the region between 2019 and 2026.
Collaboration Strategies by the Companies to Stoke Demand
In March 2019, the Coca Cola Company announced its collaboration with Diageo, Nestle, and Unilever to form an alliance known as the African Plastics Recycling Alliance. The companies came together with an aim to transform plastic recycling infrastructures present in the sub-Saharan African region, while trying to gain foothold in the emerging global marketplace. Adoption of strategies such as collaboration activities, partnership, and expansion of product offering by the companies will bode well for the growth of the market during the forecast period.
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